Attention: The URL for GoJ Internal Auditors Cummunity website is now online.mof.gov.jm/giac

GIAC Glossary of terms

We have provided explanations of some Internal Auditing terms. Please click on a highlighted letter below.

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V Terms

1. Value for Money, Economy
Economy is concerned with the cost of inputs, and it is achieved by obtaining those inputs at the lowest acceptable cost, having regard to appropriate quality.

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2. Value for Money, Effectiveness
Ensuring that the outputs of a service or programme have the desired impacts; in other words, finding out whether they succeed in achieving established objectives.

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3. Value for Money, Efficiency
Maximising output for a given input and achieving the minimum input for a given output.

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4. Value for Money Audit
An examination into the economy, efficiency, and effectiveness with which the organization has used its resources in discharging its functions

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